#15 – 🍟 THE DECOY EFFECT!

“Why should I invest in branding?”

It’s elementary my dear Watson! People buy from companies they trust.

But how can they trust you without knowing more about you. Your values, your mission, your authenticity & uniqueness.

Branding is a trust & recognition building exercise!

So, to answer the question, you should invest in branding because statistically, companies that do branding build higher recall, see more sales & grow faster than their market rivals! 💰.

Writing your brand story is crucial to building a trustworthy business. A good brand story can –

1. Define your target audiences:
   Every brand targets a specific group of people, whose values & vision allies with them. A brand story helps you chalk that out; and becomes the core of your communication strategy 📢.
2. Act as your central philosophy:
   Your brand story is your brand’s guiding light, forming the basis of your organization’s purpose, values, mission and vision 📝.
3. Create trust with your audience: 
   81% customers say they will only buy from a brand they trust, and they trust brands they can relate to. Your brand story lays out its values, purpose and worldview- which makes it easier for your audiences to invest in your brand emotionally 🤝.
4. Shape your brand’s personality:
   People relate to a brand that is more-human like, and your brand story fleshes out its personality. This makes it more authentic and attractive to your audiences 😎.

Want to know how to write a good brand story? Here’s a guide.

Or ditch the learning curve, let us do it for you⤵︎
https://www.brandloom.com

🍟THE DECOY EFFECT: Pricing Strategy Used by McDonalds, KFC & Other Brands.

Let’s say you want to buy some shoes, & are staring dreamily at two great pairs on the window display. The cute flats are for Rs 1000 & the drool-worthy black stilettos have a Rs 2000 tag 🔖.

You’re all ready to get the first one when suddenly, another pair appears- A pair of stilettos, but silver. With a price tag of Rs 3000 😮 .

There’s a big chance you may change your mind & now go for the black stilettos instead. Because heck- it may be more expensive than the flats- but it’s way better than paying an extra thousand bucks just for a change of color 👠.

This change of decision is caused by the Decoy Effect.

This means, customers often change their purchase decision(often to the advantage of the seller) when they are presented with a third option that is more expensive than the initial two🛍️ .

Smart businessmen deploy it quite often to get customers to buy more expensive products than they initially intended 🤑.

So if you have an online store; apply the decoy effect in displaying your offerings. You will sell more for far less effort 😌.

Let’s 3X your revenue⤵︎ 
https://www.brandloom.com/consulting#business-consulting-services

🚩5 COSTLY INFLUENCER MARKETING MISTAKES :  Big Brand Fiascos!

You can lose money if its your first time working with influencers.

Having collaborated with many influencers for campaigns across industries, here are 5 mistakes made by these big brands that cost them thousands of dollars! 📉

We are listing this here so that you can avoid them without burning your money –

1. Not Vetting Your Influencers:
   Choose them as you choose your hires. See what type of audiences they cater to, verify their claims, see how they interact with people to make sure they are the right fit for your brand ✅.
2. Blindly Going For The Big Ones: 
   Most brands lose money because they spend A LOT on some big-name influencers, especially celebrities. Well, younger audiences are becoming more mistrustful of bigwigs, so try talking to micro influencers with niche audiences 🗣.
3. Being Extremely Restrictive With Content: 
   Many brands want to play it too safe, or are paranoid about their image. They don’t give influencers the freedom to create content that will appeal to their audiences. This sabotages the entire exercise and leads to frustration and little returns 😤.
4. Not Agreeing On Deliverables In Advance: 
   Be clear about what you want. If your expectations are not clear, the influencers won’t be able to craft an effective campaign 👎.
5. Ignoring New kids On The Block:
   The audience is rapidly changing. As trends rise and go out of fashion, so do influencer’s influence. Keep an eye out for new & different influencers who can widen your reach or do a more effective chance getting your message across to the audience 🙋

Don’t Burn Your Money With Influencer Marketing, Talk To Us⤵︎
https://www.brandloom.com/influencer-marketing

🤖ARTIFICIAL INTELLIGENCE : Can AI-generated Content Rank on Google?

With AI-generated content being the hot new thing on the block, there’s a lot of confusion about whether it affects website rankings or not 🤷.

Well, Google is setting the record straight. In a recent statement, the search behemoth said that using AI or automation to manipulate search rankings is a serious violation of Google’s policies 🛑.

However, as long as website owners follow its EEAT (Experience Expertise Authoritativeness Trustworthiness) protocol- everything’s cool 😎.

In other words, if your content is reader-first, high quality and original- it doesn’t matter if it’s written by humans or AI 🤖.

The company has added more guidelines to its “Creating helpful, reliable, people-first content” help page 📝.

According to it:

1. Specify the WHO: give a byline & some background information of the creator 👩‍💻.
2. Come clean with the WHAT: if you are using AI to create content  explain why you’re doing it. For example, sites that use AI to continuously update weather reports or match scores should explain that these updates are done more accurately with AI 🤖.

So if you’re going to use AI-generated content for your site- make sure you stay transparent with your methods, and that your output is of high quality 👌.

Otherwise, get in touch to create content that converts⤵︎
https://www.brandloom.com/content-marketing-services

That’s it for today, thanks for reading.
Yours Sincerely,

Avinash Chandra
Founder,BrandLoom
☎︎ +91-7669647020
✉️ care@brandloom.com

Note: If you want to discuss strategy, just hit reply on this mail.